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with the deficit in the biggest way. but their only priority is making sure that tax breaks for the wealthiest americans are protected. at some point, i think what's important is that they listen to the american people. >> joining me now, congressman chris von holland of maryland. good evening. it is a good sign that chained cpi is off the table. the senate will be back tomorrow at 11:00. how high is your optimism or pessimism at this moment? >> well, it was a very bad sign when senator mcconnell put this social security change on the table, as part of a small deal, that was obviously something that could have totally thrown a monkey wrench into the process. so the fact that they backed off that is obviously good news. but as senator reid said, there are lots of obstacles still to go. and the fundamental issue remains what the president just said in that clip. both today and for the last year, the number one priority of republicans have been -- has been to use the middle class tax cuts as leverage to try and extract these super big tax breaks for very wealthy individuals, including now their f
on the senate, and as democrats dig in to protect social programs, republicans do the same on taxes. >> raising taxes to pay for new spending is not something that republicans believe this debate ought to be about. it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the darkest hour right before the dawn, melissa. everybody ought to hope that's true, at least if you don't want to see your taxes go up on midnight on monday and tuesday night because everything seems to be at a standstill right now. let's review the bidding. here it is from a republican source here on the republican side of capitol hill. all day yesterday they were trading proposals back and forth. by his count tw
-called fiscal cliff. it's come down to a matter of hours. midnight tomorrow, everybody's taxes going up unless something happens in washington, d.c. hello to you all and welcome to weekends with alex witt. i'm t.j. holmes filling in for alex. a consequence of history in the nation's capital if congress cannot reach a compromise deal on tax and spending cuts. a short time ago, we were hearing from the president talking about the fiscal cliff negotiations. he spoke exclusively on "meet the press" and he had a message for congress. >> at minimum, make sure people's taxes don't go up and 2 million people don't lose their unemployment. i was modestly hopeful yesterday. now, the pressure is on congress to produce. >> the president responded to what would happen if no agreement is reached and the nation does fall over that cliff. >> if you look at projections of 2013, people generally felt that the economy would continue to grow, unemployment would tick down, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. if people start seeing that on januar
and starting next week, you and i could see our paychecks cut as payroll taxes go up and that could be just the beginning. the clock at the bottom right of your screen there might as well have a blaringa, large on it because come midnight monday if lawmakers have not found the fiscal cliff solution you're going to hear a whole heck of a lot of noise. let's get straight to washington. nbc's kristen welker at the white house and luke russert is tracking developments at capitol hill and nbc news senior political editor mark murray is here to break it down for us from the washington bureau. we will start with kristen. last we heard, kristen welker, the president came out to report that he is modestly optimistic. has the rhetoric changed at all today? >> reporter: it has changed a little bit. the president is still modestly optimistic, but i just spoke with a democratic source who tells me at this hour a deal is looking doubtful. of course, we want to underscore the fact that these negotiations are very fluid so that characterization could change at any moment, but it seems as though the discuss
that they agree that it is important now to keep taxes from going up on most people and accept the reality that they will go up by the top 1 pshgs 2%, 250,000 in income and above. and it does look, to me, that there are enough votes if senator reid puts that on the floor for it to break the 60. but the republican probably going to filibuster it. >> even at 250,000, not 400 or 500, other numbers that have been floated? >> those are the compromise numbers. that's an effort by the president and senator reid to bring the republicans along. but senator reid said his preference is 250,000, which i agree with, by the way. what we're talking about is 4.6% increase in taxes. that means if you're making 250,000 ayear for every additional 1,000 you'll pay $46. the notion of paying $46 out of 1,000 for wealthy people has any negative affect on anybody, i confirmed this talking to one of wealthiest men of boston, i asked if we were to raise taxes by that amount on him would he know it if his accountant didn't make a point of telling him. he said of course not. but in any case the 400 is an effort to ha
, this cliff-hanger has been two years in the making. >> i've said before that i felt that the middle-class tax cuts were being held hostage to the high-end tax cuts. i think it's tempting not to negotiate with hostage takers. unless the hostage gets harmed. then people will question the wisdom of that strategy. in this case, the hostage was the american people. and i was not willing to see them get harmed. now, is this the deal i would have preferred? no. but this compromise does make a serious down payment on the deficit reduction we need. most importantly, it will allow us to avoid default and end the crisis that washington imposed on the rest of america. it ensures also that we will not face this same kind of crisis again in six months or eight months or 12 months. and it will begin to lift the cloud of debt and the cloud of uncertainty that hangs over our economy. >> it's a real disappointment today. i'm sorry that the so-called super committee was not able to do its work because this makes it much more difficult to achieve the deficit reduction targets that must be done. what happens next
the looming financial mess. if they don't here's what will happen. everyone's tax rates will go up. $1.2 trillion in federal spending cuts kick in. the payroll tax holiday enacted under president obama will expire. the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiations. what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate will get back network. when they do they won't have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when senate gets back network. where are they divided inspecifically divided at what salary taxes should increase but there was progress in terms of tax increases for the wealthiest of americans, also avoiding the inheritance tax increases and democrats say that they are grateful republicans have given up a demand for cuts to
. fiscal faceoff or new year's resolution. also one tax that will go up. marilyn monroe closely watched by the fbi. director's feud over "django unchained" and a chance for 100 lucky people to star in the super bowl halftime show alongside beyonce'. details on those stories throughout the hour. >>> but up first, right now senate leaders scrambling to find common ground to avoid going over that fiscal cliff. got less than three days to go now, folks. at the same time in his weekly address today, the president says he's preparing a plan of action if no deal is reached. >> if an agreement isn't reached on time, then i'll urge the senate to hold an up or down vote on a basic package that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job, and lays the ground work for future progress on more economic growth and deficit reduction. >> republicans say they want a deal as well, but they highlighted their biggest sticking points today in their weekly address. listen now to missouri senator roy blount. >> senate democrats have sp
and narrowed down the differences. among the points with headway, the tax hike threshold, the estate tax and extending unemployment benefits. the remaining sticking point is rumored to be the automatic spending cuts. collectively called the sequester you have been hearing about poised to kick in tomorrow. let's get to nbc white house correspondent kristen welker there for us. what was the point here? the president decided to come out and that bully pulpit can be a powerful weapon. >> reporter: certainly can be. good afternoon to you, t.j. the president using the bully pulpit. this is a part of the pressure on congress but also democrats who might be skeptical of this compromise that is coming to fruition so he came out today with middle class americans standing behind him and made the argument if we do, in fact, go over the cliff, if the steep tax hikes and spending cuts kick in to effect tomorrow, that the average american would see their taxes increase by about $2,000. this is an argument that he has been making for quite sometime now and appeared on "meet the press" this week with a s
and public posturing, democrats and republicans have reached an agreement on tax rates in their negotiations. let me tell you what we know at this hour. the deal is said to raise $600 billion in revenue over the next decade through a series of tax increases on the wealthiest americans. th bush era tax rates would be text ended for all single americans with incomes below $400,000 and couples with income below 45000$450,000. all income above that would be tacked at 39 pittsburgh.6%. the deal is said to include a permanent fix for the alternative minimum tax and it extends unemployment insurance for another year for 2 million americans. this was huge for the democrats. speaking at the white house in front of a group of middle class americans just a few hours ago, the president urged congress to act immediately. >> for now our most immediate priority is to stop taxes going up for middle class families starting tomorrow. i think that is a modest goal that we can accomplish. democrats and republicans in congress have to get this done, but they're not there yet. they are close, but they're not ther
are working with the white house. plus, what it all means for your paycheck as higher payroll taxes are only days away unless congress acts. one step forward, two steps back. president obama and republican lawmakers have been dancing that waltz for six weeks now, but the music stops when the countdown clock at the bottom of your screen runs out. so where do fiscal cliff talks stand at this critical hour? nbc's kristen welker is on the north lawn and luke russert are both following developments this saturday afternoon. kristen, i'll start with you. any indication at this particular point as to what's happening behind closed doors this afternoon? >> reporter: well, i think most of the action is going on in the hill where staffers with majority leader reid and minority leader mcconnell are trying to conjure up some last-minute deal and this plan would not be the grand bargain that john boehner started initially working on. that plan would have dealt with tax reform and deficit reduction and this will be a much more scaled back version that will deal with the issue of taxes and that is still the
families the payroll tax cut that started two years ago is worth around 1000 as year. those families tend to spend that cash because they need it now. republicans say this is one tax cut they hate and the last time it was going to expire, the white house launched a whole campaign about $40 a paycheck. they asked families to send in their stories about what $40 meant to them. well, you know something? $40 a still a lot of cash for the families hit hardest by the great recession. for the wealthy people sitting around the negotiating table in d.c., $40 is just another steak dinner for one. but for many people who voted them into office, it's the cost of groceries for a week of family dinners. let's not forget, they are the ones who still need an economic stimulus, not the families earning more than $250,000 a year. joining me today on a newsy day, "the huffington post" sam stein and the national reviews robert costa. sam, i want to start with you. you have been reporting this out all day, and we know that congressional leaders are with the president this afternoon. they haven't made comments
's no deal, let's look at what happens to tax rates in just seven days and these stats are from the tax policy center. the annual income from somebody in the $50,000 to $75,000, about a $2,400 increase. jumping ahead to $100,000 to $200,000, the average tax increase, $6,600. tacking at that great divide of the wealthy, over $250,000, at least a $11,000 tax hike. over $1 million, more than $254,000. >> hampton, looking at that number, that's for those americans working right now. there are still struggling americans, millions looking for work and what's the fiscal cliff mean for them? >> reporter: okay. we have unemployment at 7.7% last month and mainly went down because people gave up looking for work and jdropped out of th job market and out of work six months or longer. 4.8 million americans, they're the folks worried the most about unemployment benefits not extended after the first of the year. >> as we look at that number, that's staggering for so many. we have a "the washington post" poll that indicates 74% of americans support raising taxes on the top earners in this country. with
to an agreement. when it comes to income tax hikes "the washington post" reports that democrats counter offer sets the threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other government agencies. let's bring in "usa today" washington bureau chief susan page and "the washington post" congressional reporter ed o'keefe. good morning to both of you and happy new year. >> good morning. >> same to you. >> the senate returns in about an hour. how close are they? what are you hearing? >> you know, i think it is conceivable that we'll have a new year's eve miracle and there will be a deal but i think the safe bet is against it. for this to happen in the next 14 hours you need to have no senator object to a majority vote, y
. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconnell came on. and he said -- did you see either one of those? >> i did. >> did you see harry reid? >> there's no chance of -- >> but if you think -- i want to rise above. there was so little of anything close to that yesterday other than just the -- i mean, people at home must be like, it's the endless blaming and finger pointing and, you know, when one side says it's all the other side's fault and all the other side comes on and says people at home aren't going, wow, i believe you, harry. or i believe i, mitch. they're saying you're both losers, right? >> right. >> my real concern is this is what the current version of america actually voted for. >> the house is different. all politics is local. harry reid, you know which in
will be raised over the next decade through a series of raises on taxes for the wealthiest americans. and those rates would also carry over for couples making under 450,000. any income above those two numbers would be taxed at 39.6 pnt. the top tax rate under president clinton. and capital gains taxes above those amounts would be increased to 20%, that is up from 15%. this tax deal would also create a perm naanent fix for the alternative minimum tax and extend unemployment insurance for 2 million americans. the president made it clear what his top priority is in any deal. >> preventing that tax hike has been my top priority. because the last thing folks like the folks up here on the stage can afford right now is to pay an extra $2,000 in taxes next year. middle class families can't afford it. businesses can't afford it. our economy can't afford it. >> just an hour later, senate minority leader mitch mcconnell signalled his agreement with the president. >> so i agree, let's pass the tax relief portion now. let's take what's been agreed to and get moving. we all want to protect tax pairs and we c
? there was a lot of talk of small ball. a bill to allow taxes to go up on everybody or at least couples that make more than $250,000 a year. $200,000 with single filers. harry reid said he is not going to prepare a bill unless mitch mcconnell allows it to come for a vote for a simple majority. they are seeking assurances that he won't try to block it. for his part he said it's up to the president to lead. unclear if anything is going to happen today. it's becoming more and more likely we will hit january 1st without a resolution. >> peter, obviously the president gets back a little bit from now. what are we hearing about their strategy? we have that very effective bully pulpit? >> it's a good question. the president is supposed to arrive a couple hours from now. 72 degrees for honolulu. better hope he brings sunshine back with him. the real challenge is when he gets here, there is barely 100 hours before the headline hits. he said a short time ago describing their strategy and it remains not too dissimilar. it's not whether we can get a deal done or not. whether mcconnell will filibuster such a d
discussion here at the white house about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> it comes after speaker boehner left the white house. he didn't say anything to reporters and neither did anyone else who was seen leaving the meeting. here's what we do know. in just four days, taxes will go up on millions. and millions more will have their vital unemployment benefits run out. that's why president obama organized the meeting with vice president biden, speaker boehner, nancy pelosi and senators reid and mcconnell. he urged them to extend jobless benefits. we can deal with cuts to defense and domestic programs later. but let's take care of the middle and working class right now. give them assurance right now. joining me is congressman chief ellison. he's co-chair of the progressive caucus and melissa harris perry, host of the melissa harris perry show here on msnbc. thank you both for coming on the show. >> thank you,
their taxes go up. the news comes after a conference call that mr. boehner held with gop house members, telling them to return to washington this sunday. but just because they're coming back doesn't mean they're looking to play nice. today, senator harry reid blasted the speaker for refusing to even vote on a democratic plan that would protect 98% of americans. >> everyone knows that if they had brought up the house -- i'm sorry, the senate-passed bill that would give relief to everyone making less than $250,000 a year, it would pass overwhelmingly. it's being operated with a dictatorship of the speaker. >> a dictatorship of the speaker. and here's house speaker boehner office responded. senator reid should talk less and legislate more. legislate more? what legislation has speaker boehner been working on while on vacation? while we're about to go over the cliff, the gop has been pointing fingers at the president. one gop aide says talks have failed because "the president made a strategic miscalculation and overreached. he picked a fight." picked a fight? sorry, that's not going to fly.
brought before the house, keeping the middle-class tax cuts, but not those for the upper income, and making sure the alternative minimum tax did not go into effect -- i think it would pass with a coalition. and i think the same could be true of unemployment insurance. 2 million people will lose their federal benefits tomorrow, if we don't have. 2 million people. >> when we snowe the fiscal cliff was imposed as a stopgap on you and all of your colleagues on the hill, are you disappointed that you've had to see it come down to the wire like this? this is basically a self-designed fiscal nightmare that you and all of your colleagues have created. are you disappointed that we haven't been ability to get it together more? >> absolutely. it shouldn't happen this way, but the republican conference showed last week how divided they are. >> there are republicans who don't want to vote for any tax increase. that's timied actions here. in the senate, i heard senator mcconnell that the november election -- that isn't true. the president was out there clearly saying there should be a continu
to avoid the tax hikes and spending cuts that go into effect on the first of the year. president obama had been working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer m
of it and it's not good. taxes going up for all americans, not a good thing. significant, possibly devastating budget cuts coming down to certainly state and local governments, not a good thing. and so this seemingly bad game of chicken, you know, this is not some schoolyard game here. this is about people's lives, it's about their livelihoods, it's about the future of cities, it's about programs that need the dollars to provide services that the citizens want and expect is lack of doing your job. and so congress, it seems to me, should be flying, literally, back into session to get things done. the marketplace will not reward this inactivity, but more importantly, the psychological confidence that citizens and the business community should have about the ability of congress and washington to actually get stuff done will, again, be shaken. it was mentioned, jonathan mentioned earlier, you mentioned earlier summer of 2011, a useless debate about whether or not we should raise the debt ceiling, had been done 36 times, but we had to have an inane debate about that. now it's the fiscal cliff. and
an impossible task of trying to prevent across the board tax hikes and spending cuts. jennifer johnson has details. >> reporter: a peaceful capitol hill for another few days. congress is expected to come back later this week as america gets closer to the fiscal cliff. some larrymakers are now calling for a small scale deal as a temporary fix. >> i think it's impossible to get any kind of grand bargain or comprehensive package. i think we're dealing right now with whether or not we can put off the increases in tax rates. that's really all we can deal with right now. >> the house will stand in recess subject to the call of the chair. >> reporter: congress recessed after republicans rejected john boehner's compromise. he proposed letting tax cuts expire for those making over $1 million a year. other republicans say it's time for a deal. >> i agree with him. i don't think we ought to increase taxes on anyone. however, we're now at a point where we're not going to get what we think is right for our economy and our country. >> with congress coming back, the president will also reportedly cut sho
senator reed to do it, put a by on the floor to make sure that taxes on middle class families do not go up. and unemployment insurance is still available for two million people and lays the groundwork for economic growth and deficit reduction. >> everything that has been happening in the last several hours has been happening behind the scenes. we have correspondents tracking everything for you. we have luke, luke, i will start with you this hour. the senate officially reconvenes tomorrow afternoon. i assume that there's a lot of closed door talks going on right now. is that true? what can you tell us? >> reporter: that is true, staff from harry reed and mitch mcconnell have been negotiating through the daout the day and in picked up. we have heard that both sides are not budgeting. but we don't know, things can change at any moment. if we have to gauge how to talks have gone so far from the conversations we have had here around capitol hill, they have not been too good at the moment. all that being said though, craig, there's a lot that can happen over the next 48 hours. the deal obviously
that sentiment, if no deal is struck by next tuesday. people ma taxes will go up for everyone. you can see the numbers here, 40 to 65,000, it's $2,000 of a tax hike. so as constituents, if they were to call you and they say why is this happening, what are you going to say to them? >> well, first of all, that's not going to happen. we may go off the cliff on january 1st but we would correct that very quickly thereafter. what i'm telling them is the reason it's happening is we have idey ideologues in the house of representatives who don't believe there's a fiscal side of the budget. they're focused on cutting spending in unprecedented ways and they don't believe in taxes essentially. on the budget committee we've seen this day in and day out. these members of the house, and i don't know how many of them there are, but at least 50 or 60 basically have established a record in which ne hathey have firmly embraced the concept of not raising taxes and serious cuts that they put themselves in a box and they really can't get out and that's really tying up everything. because we can do a deal very q
believes you shouldn't tax anyone right now. i would have supported plan "b." >> you know, that was senator kay bailey hutchison of texas. and i would not be surprised if she's been to a starbucks in the washington area this morning. because at starbucks, in the washington, d.c., area at each of the starbucks locations, they write on the cups, "come together." it's sort of an impetus to maybe get these bozos in the house and the senate to come together in the fiscal cliff. we're going to be talking about the starbucks effort a little later in the show. good morning, ladies and gentlemen. >> good morning. >> good morning. it's thursday, december 27th. i'm mike barnicle in for joe, mika and willie. joining the table, we have political editor and white house correspondent for the huffington post, sam stein. >> hi. >> applause for sam. "fortune's" assistant managing editor, leigh gallagher. and the president of the council on foreign relations, author of "foreign policy begins at home: the case for putting america's house in order." and in washington, vice president and executive editor of msnb
. they have the -- what do you call it. the stakes are clear, the payroll taxes, income taxes, you name it. they put it all together. and if they blow it, who's going to get hurt the most? >> well, i think the republicans right now are hammering themselves in the foot over and over and over again. at some point they may figure out how to stop doing that. but in the short-term doesn't look like that's happening. i think the low expectations right now are only helpful to them if they can get a deal done. it's not clear that can happen. they may even fall short of these low expectations they've had for two years now essentially both sides the white house and the congress advocating their way of getting it done. >> the barrel they're riding in them, the dysfunction around them. >> house republicans have walked away. i was there at the house conference meeting when he says we're not having a vote on plan "b." we're in this horrible standpoint right now. asking harry reid to ask and president obama to act. >> harry reid's his lifeline. let me ask you this. everybody watches politics. this isn't
he made. he limited the reach of the tax cut, changed the indexing of social security. he put that stuff in there to get republican votes. i think if john boehner -- and it would take courage, said we're going to let the whole housework its will, you can't pass a lot of reasonable bills if you worked from the center out instead of starting from the far right and see what they can take. it's clear they're not going to accept much of anything that might be helpful. >> red state was reporting 34 would bolt from the caucus. what's your thought here, e.j.? did the republicans do a disservice to themselves? >> absolutely. i think they took themselves out of the negotiation. in the end, the house has to approve something. you were mentioning that a deal could start in the senate. even if you get something through the senate, is it stalls has to pass the house. again it's john boehner taking a big political risk, but saying we're going to put together a coalition of republicans who want to govern and pass something together with democrats who want to govern and pass something. >>> i w
in taxes. >> here we are once again at the end of the year staring at a crisis we should have dealt with. >> the house of representatives is operating with dictatorship of the speaker. >> we can iron out our differences. >> republicans have bent over backwards. we stepped way, way out of our comfort zone. >> john boehner seems to care more about keeping his speakership. >> it is very hard for them to say yes to me. take me out of it. and think about their voters. >> he can be responsible for the largest tax increase in american history. ♪ we could have had it all ♪ rolling in the deep >> we start at the white house where at this very moment all four republican and democratic congressional leaders are meeting with the president, the vice president, and the treasury secretary trying to hammer out a fiscal cliff deal. the meeting began about an hour ago in what could be the final face-to-face meeting between the president and lawmakers of both parties before monday's midnight deadline. the house is scheduled to reconvene on sunday evening to do what we don't exactly know. so joining us
.i. . >>> right now on first look -- d-day for president obama and congressional leaders. automatic tax cuts and smaller paychecks hang in the balance. american military hero, four-star general known as stormin' norman schwarzkopf has died. >>> a fiscal milk cliff is looming. bears over the bruins in the holiday bowl. >>> good morning, even as the finger pointing continues on capitol hill this morning, new hope on a deal to avoid that fiscal cliff. president obama will be meeting with congressional leaders later today. danielle leigh joins us. >> that meeting in many ways a last opportunity for the president and congressional leaders to reach a deal and get something done before this year is over. if this meeting is unsuccessful it could seal this country's fate, as some developments yesterday. house members no longer on stand by. ready to come back sunday. to take a vote. when these tax cuts expire just about every worker is going to see their paycheck reduced. it's going to eliminate unemployment extensions and initiate spending cuts across the board. >> how will people see this in their p
-back version of the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats, majority leader harry reid spoke and praised senator inouye for his partisan spirit, reaching across the aisle. of course in an earlier memorial service, the president called the late senator his earlier inspiration, on a a lot of members of congress came together to pay their respects. >> thank you, kristin. >>> if congress and the president fail to reach a deal, the impact is as unlikely as immediate as the term "fiscal cliff" seems to imply. the expiration of the tax cuts with a $2200 average tax high. the payroll tax cut would also expire meaning another $40 a paycheck and long-term unemployment benef
% of americans from a tax hike on january 1st. the senate bill could pass tomorrow if house republicans would simply let it come to the floor. despite the impasse in washington, a new gallup poll shows 50% of people still believe it is likely that president obama and republicans will reach an agreement before we go over the curb on january 1st. among the believers is conservative weekly standard editor bill crystal. >> i think what will happen is republicans will be faced on monday, on december 31st, with having to vote on a much worse proposal than the one they didn't give speaker boehner the majority for. >> plan b. do we end up going over the cliff or not? >> i think not. on december 31st when both party members release their voters to vote their conscience, they save americans from a tax hike. >> the gallup poll shows 54% approve of how president obama is handling the vote, 26% approve of how speaker boehner is handling negotiations. 45% democratic leaders approve and 26% gop leaders approve of how they're handling the situation. chief washington correspondent and political writer for the
kfshs to pass a smaller deal, to delay those automatic spending cuts and to extend tax cuts for all except for the wealthiest of americans. now, while senators on both sides of the aisle, they spoke in support of at least a smaller deal on sunday. joe lieberman seemed to have less hope. >> it's the first time that i feel that it's more likely that we will go over the cliff than not, and that if we allow that to happen, it will be the most colossal consequential act of congressional irresponsibility in a long time. maybe ever in american history because of the impact it will have on almost every american. >> kristen welker is nbc's white house correspondent, also traveling with the president in honolulu. kristen, explain to all of us because it appears the lights are out in washington d.c. the president is in hawaii. everyone is home. with all the sides saying that they expect to go over the cliff, it looks pretty likely that that might just happen. >> well, i certainly think that concern is growing. that that's a real possibility at this point. at the same time, thomas, i think ther
with that woman. ms. lewinsky. >> ronald reagan pushed through a tax overhaul in his second term. he also became embroiled in the iran contra affair. >> a few months ago, i told the american people i did not trade arms for hostages. my heart and my best intentions still tell me that's true, but the facts and the evidence tell me it is not. >> there is a bright side, if lincoln hadn't had a second term, he wouldn't have won the civil war. reagan's place in history was cemented by the end of the cold war, and fdr would have been remembered as the president who didn't end the great depression. still, second terms, they don't last four years. they're shorter than that. how long will obama have? is he aware that his second term domestically only lasts about a year to 18 months? finally, political junkies know we don't have to wait until 2016 or even 2014 for our next fix. just next year, we have blockbuster races for governor in two big states, virginia and new jersey. virginia, the clinton versus the tea party, as former democratic national leader takes on republican chair, ken puccinelli who put hi
with that woman. miss lewinski. >> though ronald reagan pushed through a tax overhaul in the second term he also became embroiled in the iran-contra affair. >> a few months ago i told the american people i did not trade arms for hostages. my heart and best intentions still tell me that's true but the facts and evidence tell me it is not. >> there's a bright side. if lincoln didn't have a second term he wouldn't have won the civil war. reagan's with the end of the cold wars and without a second term fdr would be remembered as the president that didn't end the great depression. still second terms don't last four years. they're shorter than that. how long will obama have? is he aware that the second term only lasts about a year to 18 months? finally, political junkies know we don't have to wait to 2016 or 2014 for the next fix. just next year, blockbuster races for governors in virginia and new jersey. in virginia, it's the clintons versus the tea party. as former democratic national committee chairman and clinton loyalist takes on virginia's republican attorney general. he put himself front and ce
. there was a point when obama moved from $250,000 threshold on taxes to 400. boehner put tax rates. >> boehner said for the first time republicans would be willing to support. the question is, how much his troops would be backing him raising tax rates on those over $1 million. which for given the republican fervent opposition to any raise in tax rates, that was a significant step, but then it stopped. >> during that time about a week where the white house and speaker boehner's office was not criticizing each other. lines of communication were open. since then, it's gone south. >> does it seem like a dull story because it's an artificial crisis created by congress itself. they could solve this thing in ten minutes with ample compromise on both sides. while the country is following this news, it's not a breathless anticipation. >> the only thing that is starting to sink in with people, howie, where i think it is getting more public attention is that people are now realizing that their paychecks really will be a lot lower very soon if nothing gets done. therefore, i think it is very legitimate interes
. >> i don't see how you could hammer out any kind of a grand bargain or large plan involving tax reform and entitlement changes in a matter of days. >> reporter: serious doubt is setting in. even starbucks is getting involved, writing "come together" on its cups. speaker john boehner says he's sitting this round out after failing to get enough house republicans to support his own plan just before christmas. >> i think that boehner is being controlled, unfortunately, by the right wing. >> reporter: that leaves it up to majority leader harry reid and the rest of the senate to find a passable solution. aides say reid's plan would avoid tax increases for people making less than $250,000, eliminate some big spending cuts and restore unemployment benefits. >> i think you're likely to see a two-step process here, one sort of dealing with the immediate dynamics so that you could in fact set up a situation where you could deal with the larger situation. >> reporter: without a deal, bush-era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline, hoping
of a bully pulpit for the president and for his position on taxes. but i think the biggest story of the year came at the end of the year in the past week or so which is the massacre at sandy hook elementary school in newtown and i think the presidency now might be shaped by those events and those are the stories that both barnicle and andrea have chose n as the top story. would you agree this could be a signature for the second term? >> i to do. i do agree with that. i think the events of a few days ago in newtown, connecticut, will help shape a good portion of the president's second and final term in office. i think it gives us a huge impe it tus to changes in this country that had had taken too long to take hold. i think the presidency itself, i think the man himself was shaped and altered by these events, both as a parent and as a president. >> andrea? >> let me just say that joe califano in the aftermath for some calls to action has written about what lbj said to him right after robert kennedy was killed. lbj called in joe and the other top aides in white house and said, we have to act w
's in my checking account and that eebs it. >> that blows my mind. how do you pay your taxes. >> i pay my sales tax but for 2011 i guessed. i guesstimated. >> you guessed. >> i kind of guesstimated and sent in an amount. >> i hope you guessed high because that could be trouble if it was low. >> i guess i guessed higher. >> that's a technical foul. >> shall we look at the books? >> uh-oh. >> literally, we want to see it. >> so this is the office? >> yes. this is where it all happens. >> i'm glad to see you have accounting records. >> those aren't mine. those are the previous business owner. these are mine. >> so it looks leak you followed their system. they headed back upstairs were dawn got erica started on a quick books account. go ahead and finish. now we've created the bank account. >> be brutally honest with me. erica's taking care of upstairs. what's your first impression? >> hot mess. first interpretation of what i've seen here. again, not abnormal but frightening? can as by operate like this? >> well, it can, but not for very long. they won't be in business for very long. >> you fe
, and the death penalty for juvenile offenders. the taxes that people could no longer be thrown in prison for having consensual that. they saved affirmative-action in the famous case from michigan law school. case after case reject the bush administration position on guantÁnamo bay and treatment of the detainees there. so why did the court of last? well, the court move left because sandra day o'connor grew more and more alienated from the modern republican party. she didn't like john ashcroft. she did not warrant here has been connect it. she didn't like the way the war in iraq was being conducted and above all, she was alienated by something that doesn't get talked about a lot now, but the one very large in the history of our country. not just the supreme court. and this terry schiavo case. the terry schiavo case had a big impact on justice o'connor summoned the police and judicial independence, the summit dealing, although many people didn't know at the time come with dissent ever has been alzheimer's disease. the idea of medical decision-making for a critically alpert was not just an
for traders. as fiscal talks drag into the 11th hour with $600 billion in tax heights and spending cuts due to kick in early next year. lawmakers will get back to the table later this week after house speaker john boehner's plan b fails to gain enough republican support for a vote. >>> still, the market has been resilient. despite friday's decline the s&p posted its best week in four and with just five trading sessions left in 2012, the dow has advanced 8% while the s&p 500 has jumped and the nasdaq has jumped 16%. >>> reports are due on pending new sale homes in the nation's 20 largest cities. >>> so are you still not sure what to get for the person who has everything? new retail numbers show footwear was the fifth most popular gift on shopper's list on black friday. a year ago shoes didn't make it into the top ten gifts for the season. >>> good news for hollywood. attendance by movie goers is up 5.5%. ticket revenue is expected to jump by 6% by the end of 2012 which would be the industry's biggest yearly increase in nearly a decade. >>> surprisingly strong sales on thanksgiving, look for
case. >> three words. kom comprehensive immigration reform. >> tax reform, immigration reform, gun safety reform. three big things by the summer of next year. >> i think scott brown will run for senate again to fill john kerry's open seat and he will lose again. >> i think we're going to
it was about the big things. it was how we think about this economy. it was about tax cuts at the top were more valuable to growing the kind of country we need, the kind of economy that we need, investing in things like education and research and development, investing in clean energy and technology, investing in infrastructure and dealing with the deficits were more -- in a more balanced way. it was about what our obligations are to each other. it was about big things. those are very, very big things. i will say that, for all of the critique about whether our campaign was about big things or not, the preoccupations of people who write about that -- and i used to do that for a living -- i don't try to separate myself -- many of them are my best friends -- there is an awful lot of horse race coverage of this presidential race. there is such a preoccupation with who will win and who will lose and so little real interest in what the implications are. >> we were talking about pulling. >> public polling is so voluminous now. any to kids with an abacus can do a poll of the corner grocery store and so
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